Despite low volatility, Artradis delivered positive, negatively correlated returns.

Low volatility and increasing market over-exuberance made us concerned about instability in markets. As a response, we launched a new, more aggressively long-volatility short-credit fund.

Artradis was well positioned for what was to come.

Massive government bailouts staunched the financial collapse. Artradis was reaping the rewards of massively high volatility, and early 2009 saw significant redemptions from investors to shore up their positions elsewhere.

Artradis assets reached $5bn and, almost uniquely amongst such large funds, Artradis remained ungated, paying all investors on time and  in full. For all the success Artradis had garnered, it was clear to us that the winds were beginning to change, and the "long vol short credit" trade was losing its viability.

In 2011, Stephen Diggle set up Vulpes Investment Management, leveraging off the infrastructure and systems of the former Artradis platform. A number of key staff moved over with Steve, beginning investment across a range of sectors with founder’s capital anchoring all funds.

We began investing in young, promising companies as part of the venture capital arm of our fund. We were early investors in Property Guru and Trax, primarily interested in the digital space.

The Vulpes Agricultural Land Investment Company (VALIC) bought 166 hectares of farmland in the North of New Zealand, land well-suited to growing Kiwis and Avocados.

Swiss pharmacutical company Norvartis made a landmark deal with Oxford Biomedica, in which OXB would be the sole providor of lentiviral vectors, establishing OXB as a major player in the industry.  This came five years after Vulpes's crucial investment.

A 12 month pandemic exposed the cracks in the corporate world, and reinforced to us the need for resilient and sustainable investing. With several notable new hires and all eyes on ESG, we began hunting for fresh investment opportunities.